Some more testing:

1.

>! *italicized text goes here*

2.

>! **bold text goes here**

3.

>! Let's try $\LaTeX$ *italicized text* **bold text** and [hyperlinks](http://math.stackexchange.com/).

4.

>! $$\color{red}{\text{Does}}\;\color{green}{\text{colored}}\;\color{blue}\LaTeX\;\color{yellow}{\text{work?}}$$ But _black_ **text** and $\LaTeX$ should still be obscured.

I'll edit this when I think of more stress tests.